I think we'll see some short-term rotation out of oil and oil-related stocks. This is due to the fear of a strengthening dollar. The price of oil, which has jumped partially due to the weak dollar, could also fall. Although this could happen, it will only be temporary. As far as stocks go, I wouldn't sell much. I'm definitely holding Noble Corp. (NE) and am hoping for a pullback to buy more shares. I'd also be interested in National Oilwell Varco (NOV) in the low 60's.
Barron's had a bullish cover this weekend, but I'm worried about the market losing momentum as earnings season wraps up.